If seller increases the price of the good and the total revenue increases, this implies that the demand for the product is inelastic.

A given industry, Z, is such that the 1-firm, 2-firm, 4-firm and 8-firm concentration ratios are the same. Based on this, we can conclude that Industry Z is

A) pure competition. B) monopolistic competition. C) oligopoly. D) pure monopoly.

If people become pessimistic about the state of the economy, the consumption function shifts downward

a. True b. False Indicate whether the statement is true or false